Today $BTC closed with a standard bearish continuation candle. No sign of bullish reversal yet. The odds are bearish on all time frames. Let’s explore the hypothesis.
Today’s red candle canceled the doji of yesterday. Volume has increased, MACD and RSI are supporting the decline. All the monthly, weekly and daily prices are trailing well below the 8 EMA on each chart.
The price has tipped below 50w MA on the weekly chart – still have to wait for 2 more days to confirm that.
At least two strong green candles closed above 20 EMA line should happen before I consider the first sign of a rally off the bottom.
Yesterday I predicted that we should expect further horizontal/down moves if BTC closes below $33.3. It did and it looks like it’s on the way to lower, possibly much lower prices.
The 50w MA could provide support for a short-term rally. However, as long as BTC does not close above $32.8 tomorrow, there is nothing bullish.
The long term perspectives and the chart can be found in the Monthly Analysis by the link below.
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Previous Weekly Analysis:
Previous Monthly Analysis: